State Controller Malia M. Cohen on Friday released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for the fiscal year through February 29, 2024.

The state ended the month with $94.7 billion in unused borrowable resources, although fiscal year-to-date receipts lag behind the estimates in the 2024-25 Governor’s proposed budget.

“General Fund receipts for the fiscal year continue to miss the mark, but thankfully California has maintained a high amount of available borrowable resources,” said Controller Cohen. “While the Legislature and Governor work to reach consensus on a balanced budget, the strong reserves they have maintained ensure cash is currently available to meet the state’s financial obligations.”

Fiscal year-to-date receipts through February were $130.8 billion, nearly $5.4 billion below the Governor’s Budget estimates, or 4 percent.

Disbursements for the fiscal year through February were $148.5 billion, nearly $7.9 billion less than the proposed budget projections, or 5 percent.

Year-to-date personal income tax receipts through February were below the Governor’s Budget expectations by $4.5 billion, or 5.5 percent. Corporate tax receipts were $1.1 billion below fiscal year estimates, or 4.9 percent. Sales and use taxes were $487 million above expectations for the fiscal year, or 2.2 percent.

As the chief fiscal officer of California, Controller Cohen is responsible for accountability and disbursement of the state’s financial resources. The controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds.